Good morning, and welcome to the Q4 webcast of Elektroimportøren. Presenting today will be CEO Andreas Niss and CFO Jørgen Wist. If you have any questions, please use the written Q&A function during the presentation, and they will address any questions at the end. Andreas and Jorgen, if you're ready, please go ahead.
Thank you very much, Mona-Cathrin, and welcome everyone, and thank you for calling in this morning. I will start with a short summary of Q4 and financials for the full year of 2025, and then give you an update on key strategic areas and operational activities for the quarter. After that, Jørgen will give you some more detail on the financials before we update you on events after the period. In Norway, the positive sales momentum from Q3 continued and strengthened through Q4. We delivered consistent double-digit growth throughout the quarter, driven by all sales channels and customer segments, with electrical installers and representing the fastest-growing segment in Q4. Online sales delivered the strongest growth contribution at channel level. In Sweden, Elbutik delivered another quarter of strong like-for-like sales growth and a significant improvement in gross margin.
Late December, we signed a contract for store number two in Sweden. This store is located in the greater Stockholm area, in the well-known retail park, Kungens Kurva. We expect to open this store in Q2 this year. Our store expansion plans remains on track, with store number 32 opening in Larvik already on Monday, and ongoing negotiations for store number three in Sweden and several others in Norway. We have also signed a contract to sublease parts of our central warehouse in Vestby for five years from January 2026. This will reduce our net lease payments with NOK 5 million in 2026 and another NOK 6 million annually in the remaining sublease period. This is done as a part of our continuous work to optimize our cost and capacity.
Looking at the financial summary, group revenues of NOK 587 million versus NOK 520 million last year, up 12.8%. Like-for-like sales grew by 7.8%. Gross profit is up 14% from last year, and gross margin increased to 35.1%, up from 34.8% last year. We had operating expenses of NOK 123 million, which is up from NOK 114 million last year. This increase is mainly driven by new stores and general KPI adjustments. The OpEx to sales ratio, at 21%, is down 1% from 22% last year. EBITDA increased to NOK 70 million, up from NOK 66 million last year, and the adjusted EBITDA ended at NOK 83 million, up NOK 16 million from NOK 67 million last year.
Net profit of NOK 31 million versus NOK 24 million last year, and cash flow from operating activities of NOK 144 million compared to NOK 80 million in Q4 2024. With a good if you're looking at the financial summary for the full year 2025, and with a good last quarter, the total for the full year looks as this: Group revenue is up 9.8%, just below NOK 1.8 billion. Like-for-like sales grew with 5.6% for the year. We managed to increase gross margin percentages with 0.9% to 35.6% for the group, and we delivered a total gross profit growth of 12.5%. Operating expenses ended at NOK 425 million, up from NOK 396 million last year.
The increase is mainly driven by new stores and general KPI adjustments. OpEx to sales ratio ended at 23.8%, down 0.5% from 24.3% last year. EBITDA increased to NOK 193 million, up 28.9% from last year, and the adjusted EBITDA of NOK 211 million, up NOK 41 million from last year. Net profit of NOK 30 million is down from NOK 41 million last year. The decrease is, however, due to the release of an earn-out provision of NOK 44 million in 2024. If we adjust for this earn-out effect, the underlying improvement in net profit was NOK 33 million. Cash flow from operating activities was at NOK 196 million, which is NOK 10 million more than last year.
So in 2025, we have delivered a 10% increase in sales, 12.5% increase in gross profit, and an EBITDA increase of almost 30%. We have improved profitability in Norway and stopped our losses in Sweden, and with that, 2025 marks a turnaround year for Elektroimportøren, and we are now very well positioned for further growth and increased profitability. Looking a bit closer at Norway in Q4, visitors to our stores are up 7%. The average basket is slightly up, with an increase of 0.4%. Conversion rate is increasing with 1.3%, ending at 60.6 for the quarter. We experienced growth in both B2C and B2B, with B2C increasing with 11.7% and B2B increasing with 13.2 for the quarter.
The wholesale market have continued to be slow, but as you can see, we have continued to beat the market for every month in 2025, and by doing so, gaining market share in this very competitive environment. Look at Sweden and Elbutik for the quarter. We are very happy to see that the positive trend continues with strong growth in both revenue and profit in Q4. Revenue increased with 19.5% compared to Q4 last year. Gross margin percentage of 29.4%, up significantly from 22.4% last year. That, together with the growth in sales, gives us a gross profit growth for the quarter of 56.9%. Positive EBITDA of NOK 4 million, up NOK 3 million from NOK 1 million last year, and the adjusted EBITDA of NOK 6 million, which is an increase of NOK 5 million from NOK 1 million last year.
Taking a look at how we perform on our key strategic growth areas. As mentioned, we have signed a lease contract for store number two in Sweden, and we are in negotiations for store number three. In December, we launched a new major project that will deliver a new e-commerce and integration platform for our business, both in Norway and Sweden. The new platform will improve our unified commerce position, and the 2026 investment in this project will be roughly NOK 15 million. SpotOn integration to Elektroimportøren is now finalized, and sales for the quarter ended at NOK 16 million, up from NOK 14 million last year. Sales growth in the quarter is quite evenly distributed in all our customer segments. However, we once again outperform our wholesale competitors and gain market share in the challenging B2B market.
Customer satisfaction is high, and it is great to see that the perception of us having highly competent employees remains strong. Namron share business for the quarter is 34%, with high sales of EV chargers, somewhat diluting the Namron share business in Norway. Sweden increases private label share of business from 16.3% last year to 19.7% this year, positively contributing to the increased gross margin. In October 2025, we recalled the construction board after tests confirmed traces of asbestos. The supplier initially accepted the full responsibility for this, but later filed for bankruptcy in November 2025. We have since handled all these customer cases ourselves, and Q4 figures include a provision of NOK 5 million for the handling of this. We have notified legal action against the supplier's board and management.
With that, I hand over to Jørgen to take you through the financials in some more detail.
Thank you, Andreas. Revenue in fourth quarter was NOK 587 million, corresponding to an increase of 12.8% compared to last year. The increase was driven by both store and online revenue in both Norway and Sweden. Further, the increase was driven by both like-for-like stores and new stores. The like-for-like growth was 7.8% in the quarter, and a significant contribution to that was the improved Black Week performance, especially on the EV charger and smart home categories in Norway. The strong performance in B2B segments has continued during the fourth quarter, both in Norway and in Sweden. B2B revenue increased by 13.2%, while B2C revenue increased by 12.5%. Online revenue in Norway increased by 18.9% in the fourth quarter compared to last year.
Our physical store in Sweden, Elbutik, contributed with NOK 13 million in revenue for the quarter, while online revenue in Elbutik was NOK 47 million. B2B revenue in Sweden is included with NOK 11 million. Gross profit for the quarter was NOK 206 million, up from NOK 181 million in the same period last year. This corresponds to a gross margin of 35.1%, compared with 34.8% last year. The increase in margin was driven by improved category and campaign management in Sweden. In Norway, the gross profit for the quarter was NOK 188 million. This corresponds to a gross margin of 35.8%, compared to 36.2% last year. The slight decrease in margin was driven by higher share of campaign products during Black Week, especially on the EV charger and smart home categories, with lower margin than other categories.
However, this one was in line with expectation, and we successfully managed to improve revenue and gross profit. In Sweden, the gross profit for the quarter was NOK 18 million. This corresponds to a margin of 29.4%, compared to 22.4% last year. Margin continues to increase in both B2C and B2B segment as a result of improved store operations, category and campaign management. Operating expenses in sales channels increased with NOK 4 million compared to last year, mainly as a result of two new stores in Norway. Other operating expenses increased with NOK 5 million due to general salary increase, higher volume on distribution, and KPI adjustments. OpEx to sales ratio at 21%, compared to 22% last year. The group continues to optimize its cost base, balancing efficiency improvements with investments supporting further growth.
Reported EBITDA for the quarter was NOK 70 million, up from NOK 66 million last year. As you can see, both countries and sales channels contribute positively to the increase in EBITDA. Other relate mainly to provisions for asbestos case of NOK 5 million and year-end bonuses of NOK 6 million, whereof NOK 4 million relate to Norway and NOK 2 million to Sweden.
Adjusted EBITDA for the group for the quarter was NOK 83 million, up from NOK 67 million last year. This corresponds to an adjusted EBITDA margin of 14.2%, compared to 12.8% last year. Adjusted EBITDA for Norway for the quarter was NOK 77 million, compared to NOK 65 million last year. Adjusted EBITDA for Sweden for the quarter was NOK 6 million, compared to NOK 1 million last year. EBITDA, excluding IFRS 16 effects for the group for the quarter, was NOK 43 million, up from NOK 41 million last year.
Net change in cash for a period was NOK 69 million. Decrease in working capital is mainly a result of seasonal movements, especially reduction in inventory during the peak season. Cash flow from investments of NOK 5 million are mainly maintenance CapEx and store opening. Cash flow from financing consists of repayment of long-term loan of NOK 40 million, IFRS 16 interest expenses of NOK 6 million, net interest of NOK 2 million, and FX gain and derivatives of NOK 6 million. Lease payments were NOK 22 million in the quarter, in addition to the IFRS 16 interest expenses. So total payments relating to our IFRS 16 leases was NOK 28 million in the quarter. As Andreas mentioned, in October 2025, we signed a contract to sublease part of our central warehouse in Vestby for five years from January 2026.
This will reduce our yearly net lease payments with NOK 5 million in 2026, and NOK 6 million in the remaining sublease period. At the end of fourth quarter, available cash was NOK 150 million. In addition, we have an unused overdraft facility of NOK 120 million. Excluding IFRS 16 effects, net interest-bearing debt was NOK 52 million at the end of the quarter, which corresponds to 0.6 x the last twelve months EBITDA, excluding IFRS 16 effects. The loan and facilities have a net interest-bearing debt, EBITDA covenant of 3 at the end of the quarter. I'm happy to inform that this week we signed a new agreement with DNB to refinance our existing bank facilities into a new NOK 180 million term loan and a new NOK 120 million overdraft facility.
The maturity of the term loan is 3 + 1 + 1 year, and has the same covenant as the previous term loan, with 3.5 in Q1 to Q3, and 3 in Q4. In addition, the facilities will have a liquidity covenant of minimum NOK 40 million on the basis of cash or undrawn amount under the overall facility. There will be no amortization, but bullet repayment at maturity. The margin on the term loan is improved from the previous term loan. This new agreement is a result of our improved performance and balance sheet. Then I hand over to Andreas again, which will continue with the events after the period.
Yes, thank you, Jørgen. Yeah, looking at what has happened after the thirty-first of December last year. As Jørgen just mentioned, we have agreed with DNB to refinance our existing bank facilities. Another message that went out today is that the board of directors of Elektroimportøren and myself, have agreed that I will step down from my position as CEO. The decision follows a joint assessment that the company is now well-positioned for its next growth phase, and that a leadership transition is timely. I will stay in my role until the fifteenth of May this year, and the process to identify a new CEO will commence immediately. The good sales trend that we saw in Q4 has continued in Q1, with double-digit sales growth, both in Norway and Sweden in January. Store number 32 in Norway will open on Monday, the sixteenth of February in Larvik.
Part of our Swedish central warehouse has been sublet from April 26 to compensate for the rent increase, as the rent discount that we have had ended in December 2025. After a period with some cautiousness in the private consumption, we now experience slightly improved responses to our campaigns and B2C sales. Elektroimportøren's existing dividend policy targets a dividend of 60%-80% of net earnings. The proposal to pay a dividend in any year is subject to the group's number of stores rolled out and other capacity investments, as well as any restructures under the group's borrowing arrangements and other contractual arrangements in place at the time. Accordingly, the board of Elektroimportøren proposes a dividend of NOK 0.4 per share for 2025.
This dividend amounts to NOK 20.3 million, and represents a payout ratio of 63.5% of net profits. The payment date is 11th of May 2026. That was what we had for the presentation, and now we open up for questions. No questions at all? Everything is crystal clear. Okay, well, that's very fine by me. And there is one question: How many new stores are you planning for in 2026, 2027? Well, we have signed this one store in Kungens Kurva in Stockholm. We are in negotiation for another one, but it's not decided. So that's for Sweden. In Norway, we have four, five locations where we also have located the actual places where it could be possible to open a new store.
So hopefully, hopefully, there will be maybe one or two more stores after the Larvik opening, this year. For 2027, it's too far away to say anything about 2027 right now, I would say. Any other questions? No. Mona-Cathrin, then I guess.
Yeah. Oh, there's one more.
Here's one, here's another one. How is the competitive situation in Sweden? Well, there's no change in the competitive situation in Sweden, I would say. As in Norway, we fight on the B2B market with the large wholesalers, which is a lot fewer in Sweden, where Ahlsell has an even more dominating share of the market, together with Rexel. Those are the two major players. On the consumer side of the business, the competitive landscape is, I would say, tougher than in Norway. You have companies like BAUHAUS and HORNBACH, who are really big within our segment, and all of the other constructional segments as well. And then you have some really good online competitors like Proffsmagasinet.
Proffsmagasinet, Bygghemma, and also you have, of course, all the Swedish retailers that also are in Norway, like Jula, Biltema, Clas Ohlson. But, yeah, so that, that's how the competitive situation looks like, but there, but there's no major change in, in how we see the competitive landscape, today, than, than what it was one or two or three years ago. Okay. Yeah, Mona-Cathrin, then I guess we're done.
All right.
Thank you everyone for calling in.
Thank you.
Have a good day.